Who wants to buy a water tower?

[Happyboating]

Here is ITV Anglia's report:

http://www.itv.com/news/anglia/story/2014-05-29/jumbo-sold-for/

Bob Russell's comments at the end of the video report are very telling.

 

[DavidofMersea]

Here is ITV Anglia's report:

http://www.itv.com/news/anglia/story/2014-05-29/jumbo-sold-for/

Bob Russell's comments at the end of the video report are very telling.

Although Bob Russell has no authority, with his support and that of the planners, I think the buyer has fighting chance of getting planning permission - watch this space

 

[Athene V30]

The previous owner paid £330k for it and spent £1m on the roof according to Beeb local news.

Paid £330k + spent £1,000k and got back £190k - Bargain. Any more get poor quick schemes?

 

[philiphurst]

Paid £330k + spent £1,000k and got back £190k - Bargain. Any more get poor quick schemes?

Plenty, sadly. Parting a fool from his money has always been easy, apparently.

It would be great to see something worthwhile done with this building. Not in my lifetime, I'm sure. I suppose you could turn it into Colchester's largest water tank or a Sea Life centre without the glass bits ;-)

 

[DavidofMersea]

Plenty, sadly. Parting a fool from his money has always been easy, apparently.

It would be great to see something worthwhile done with this building. Not in my lifetime, I'm sure. I suppose you could turn it into Colchester's largest water tank or a Sea Life centre without the glass bits ;-)

Philip you are a pessimist always only seeing the problems. The buyer has just spent £190,000, if he can get planning permission, which he stands a fighting chance of doing, and he develops it, he will make millions

 

[Athene V30]

Philip you are a pessimist always only seeing the problems. The buyer has just spent £190,000, if he can get planning permission, which he stands a fighting chance of doing, and he develops it, he will make millions

Unlike the previous owner who paid £330k, spent a million on roof and got back £190k as I raised in #43 to which Philip was , so I am equally a pessimist or maybe a realist?

 

[DavidofMersea]

Unlike the previous owner who paid £330k, spent a million on roof and got back £190k as I raised in #43 to which Philip was , so I am equally a pessimist or maybe a realist?

You are a pessimist - You are looking back at somebody who made a loss, rather than seeing the possibility of success - of course it might not be successful, but remember he bought it at auction and there was somebody prepared to pay just a little less than he did, so if things do not work out, he could sell on and his loss will not be too great and certainly worth a punt

 

[philiphurst]

Philip you are a pessimist always only seeing the problems. The buyer has just spent £190,000, if he can get planning permission, which he stands a fighting chance of doing, and he develops it, he will make millions

Millions? Really?

I hate negativity. There is a big difference between negativity, reality and fantasy. Dreamers usually lose. Wise investors rarely do so.

As a reality check; if I was a pessimist, would I own a classic yacht?

 

[Sixpence]

As a reality check; if I was a pessimist, would I own a classic yacht?

Good point, as a classic owner too, maybe I was daft to buy her. Not really, just realistic. After spending twelve hours yesterday, driving round looking at assorted properties with a view to buying one, I was realistic when looking at things like damp and location. When one house was found to have severe subsidence, in an area well known for being tightly controlled by the council planning department, I was only willing to look it over properly when the current owner told me they had permission to demolish and build a new house on twice the footprint of the old one. He also had a realistic £60K price bracket, and it was on a large (over 200ft long) plot. If the council had objected, as they normally do, this would have been a non starter

 

[philiphurst]

You are a pessimist - You are looking back at somebody who made a loss, rather than seeing the possibility of success - of course it might not be successful, but remember he bought it at auction and there was somebody prepared to pay just a little less than he did, so if things do not work out, he could sell on and his loss will not be too great and certainly worth a punt

The fact that there was another bidder prepared to pay 'a little less' is a historical fact. Where is the guarantee that the same bid (or a little less) will be made in the future? Worse still, as the number of disappointed fantasists increases the perceived/potential value of the property will fall. It becomes a white elephant.

 

[DavidofMersea]

Millions? Really?

I hate negativity. There is a big difference between negativity, reality and fantasy. Dreamers usually lose. Wise investors rarely do so.

As a reality check; if I was a pessimist, would I own a classic yacht?

Yes Millions really. The original proposal was to put a restaurant on the top and several posh flats below, and I would think it could be built for £1m - perhaps less because it is just filling in the spaces, and it could be sold for £3m +.

You buy a classic yacht with your heart, it is not an investment

 

[Athene V30]

If it is that easy why did the previous owner pay out £330k initially, then do a 1million roof repair and sell if for £190k - am I missing something?

 

[philiphurst]

Yes Millions really. The original proposal was to put a restaurant on the top and several posh flats below, and I would think it could be built for £1m - perhaps less because it is just filling in the spaces, and it could be sold for £3m +.

You buy a classic yacht with your heart, it is not an investment

David, no great surprise that you have missed the point on the classic yacht comment.

FFS. I give up.

 

[philiphurst]

If it is that easy why did the previous owner pay out £330k initially, then do a 1million roof repair and sell if for £190k - am I missing something?

No.

 

[DavidofMersea]

If it is that easy why did the previous owner pay out £330k initially, then do a 1million roof repair and sell if for £190k - am I missing something?

I don't know the previous owners timescale, or his plans. Once he had bought it he may not have got on with the development, and when he was refused planning permission 8 years ago, he hung onto it - perhaps he had other ideas for development. I am surprised it cost a million to repair the roof - I am wondering if the figure has been exaggerated a bit, but perhaps not. I also wonder when the roof was repaired.

If I were the new buyer, I would try and get outline planning permission PDQ - Cost say £25k. If that was refused I would sell PDQ, and take a loss of say £10k. I would be prepared to risk £35k for the chance to make £2m - Those odds are less than 50:1, and that is much better than most people stake at the bookies.

 

[DavidofMersea]

The fact that there was another bidder prepared to pay 'a little less' is a historical fact. Where is the guarantee that the same bid (or a little less) will be made in the future? .

There is no such guarantee - but as an optimist, I would point out that property prices are rising, so he might make a little more than his purchase price, although I would not count on it

 

[DavidofMersea]

There is no such guarantee - but as an optimist, I would point out that property prices are rising, so he might make a little more than his purchase price, although I would not count on it

.... and to days news from the BBC is:-

Mr Flatman hopes to create a rooftop restaurant and flats, as "something needs to be done about Jumbo".

Developer George Braithwaite put the tower up for auction after his plans to convert it were rejected last year.

Mr Flatman said he intends to follow a similar path to Mr Braithwaite and will work with the borough council, and the Balkerne Tower Trust, to devise a planning application.

"I'd dearly like to have a restaurant on the top of the tower and some flats to fill in the sides.

"Something needs to be done about Jumbo, it eventually will fall down."

Tim Young, portfolio holder for planning, community safety and culture at Colchester Borough Council, said a restaurant in the sky would be a "great deal" for Colchester, but the council welcomed any ideas that would "save this great building".


So he plans to develop the Jumbo, and he has support from The Balkern Trust, Tim Young the portfolio holder for planning and Bob Russel Colchester MP. The Colchester council are proposing a new shopping development in Vineyard Street in an effort "To revitalise Colchester town centre", and I think Mr Flatman stands a good chance of getting planning permission and making millions

George Braithwaite's mistake was calling himself a "Property Developer", and some of the lefties on the planning committee did not like that, but a simple chicken farmer who just happened to be at the auction "To see what is being sold" is a different matter

 

[tillergirl]

I don't really want to be negative (and I admit I hate the thing and think its ridiculous that its listed) but if its listed then its appearance cannot changed substantially and to add a restaurant and flats would substantially change its appearance so surely it can never happen? Surely its an improbable impossibility?

 

[DavidofMersea]

I don't really want to be negative (and I admit I hate the thing and think its ridiculous that its listed) but if its listed then its appearance cannot changed substantially and to add a restaurant and flats would substantially change its appearance so surely it can never happen? Surely its an improbable impossibility?

The Original plan was to put a restaurant in the water tank (obviously windows would need to be cut in the sides) and flats were to be built underneath with the sides filled in with glass. The silhouette would remain, but it is a matter of opinion whether that is enough to change the appearance substantially

 

[chinita]

Would diners have to wear diving gear to experience and enjoy the magnificent vista of the great city of Colchester beneath them?